Cathie Wood Snaps Up Palantir Shares Amid Renewed Army Deal and Surging AI Demand
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Cathie Wood's ARK Invest funds recently purchased 1.7 million shares of Palantir stock across 3 ETFs. Palantir focuses on data analytics and artificial intelligence.
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A bearish analyst report sparked a Palantir sell-off, but its contract with the U.S. Army was renewed, signaling ongoing demand.
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Palantir aims to capture more AI market share via "boot camps" where potential customers test its platforms. Demand for these is very high.
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Palantir is already profitable and its AI platform user base grew almost 3x last quarter, showing strong adoption.
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With the stock under $20/share, Wood and others see an opportunity to buy a long-term AI leader during a temporary pullback.